Category: Economy and Markets
Sri Lanka to list Mobitel, Hyatt other state enterprises: Budget 2017
Nov 10, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake said several state-owned enterprises such as Mobitel, Hyatt, Waters Edge, Grand Oriental Hotel will be listed on the Colombo Stock Exchange. The firms are to be listed during 2017, he said presenting budget proposals for 2017. “We will also list non-strategic enterprises such as […]
Budget 2017 *** Live Coverage ***
* Finance Minister concludes budget speech * Committee of private and public sector to ensure budget implementation * Corporate income tax to be revised to a 3-tier structure 14%, 28% and 40%. WHT increased from 10% to 14% * Tax incentive for exporting of vehicles * Income tax to be streamlined * Reduce indirect taxes […]
Sri Lanka economy expected to grow 6.3-pct in 2017: CB
Nov 10, 2016 (LBO) –Sri Lanka’s economic growth is likely to be around 5 to 5.5 percent this year and expected to increase to 6.3 percent in 2017 and to grow further thereafter at an annual rate of 7 percent or above, the Central Bank said. Releasing its half yearly publication, ‘Recent Economic Developments: Highlights […]
Sri Lankan rupee trades firm on bank, exporter dollar sales
COLOMBO, Nov 10 (Reuters) – The Sri Lankan rupee traded slightly firmer on Thursday as dollar selling by exporters and banks outpaced demand for the greenback from importers ahead of the national budget, dealers said. Rupee forwards were active, with spot-next forwards trading at 147.75/148.00 per dollar at 0600 GMT compared with Wednesday’s close of […]
Nestlé Lanka’s growth at 6.1-pct in first nine months of 2016
(PRESS RELEASE) Nestlé Lanka’s growth at 6.1 % in first nine months of 2016 Sales of Rs.27.8 billion with 6.1% growth Net Profit ofRs. 3.5 billion Focuses oninnovation and renovation, in line with Nutrition, Health and Wellness agenda Recognized for work done on positively impacting local communities, supporting economic development and deliveringworld class locally manufactured […]
U.S. markets rally after fears over Trump
Nov 10, 2016 (LBO) – US share markets rose on Wednesday shrugging off concerns that a Donald Trump presidential victory was bad for Wall Street. The Dow Jones rallied 1.4 percent, S&P 500 1.1 percent and Nasdaq rose 1.1 percent, after the pre-open futures market initially forecast a sell-off of as much as 4 percent […]
Sri Lanka govt approves phase 2 of Central Expressway, only single bidders
Nov 09, 2016 (LBO) – Sri Lanka’s cabinet has given the nod to build the second section of Central Expressway which runs from Mirigama to Kurunegala for 39.29 kilometers. The contract in this regard has been divided into four (04) packages and only one set of bidders submitted proposals for each of four civil work contract packages. […]
What you need to know when transferring funds in and out of Sri Lanka – RIU
(PRESS RELEASE) During a recent RIU (Research Intelligence Unit) Investor forum in London, it was found that the number one cause of both confusion and concern amongst non-resident Sri Lankans (NRSL) was the perceived lack of clarity on how funds can be channeled in and out of Sri Lanka from the U.K and other parts […]
Sri Lankan rupee trades firmer on dollar selling by banks
COLOMBO, Nov 9 (Reuters) – The Sri Lankan rupee was trading firmer on Wednesday as dollar selling by banks outpaced demand for the greenback from importers as the U.S. currency fell, dealers said. The U.S. dollar sank and stocks plummeted as mayhem came to world markets on Wednesday as investors faced the possibility of a […]
Dollar spooked in Asia as US polls too close to call
SYDNEY, Nov 9 (Reuters) – Asian markets were on tenterhooks on Wednesday as early state exit polls in the U.S. presidential election showed wins for both candidates and no clear trend as yet, causing a nervous shift back to safe haven assets. Asian stocks and U.S. stock futures edged 0.5 percent higher in volatile trade, […]
Budget 2017 will rectify all anomalies: Finance Minister
Nov 09, 2016 (LBO) – Sri Lanka’s Minister of Finance said that the 2017 Budget will be a pro-growth budget which will focus on the deficiencies for the last several years. “Accordingly the budget would have proposals to rectify all the anomalies that are there to deal with export sector to create job,” Ravi Karunanayake, […]
Hayleys PLC profits down due to Rs.459Mn, Tea and Rubber losses
(PRESS RELEASE) – (November, 07, 2016): Sri Lanka’s leading diversified conglomerate, Hayleys PLC recorded a sharp increase of 18% Year-on-Year (YOY) increase in revenue, with growth in Construction, Agriculture, and Hand Protection sectors supporting the Group to post revenue in excess of Rs. 52 billion by the end of the first half of 2016 (1H16). […]